H.I.G. Capital Announces the Sale of Comverge
- #CustomerEngagement--H.I.G. Capital (“H.I.G.”), a leading global private equity investment
firm with over $21 billion of equity capital under management, is
pleased to announce the sale of its portfolio company Comverge, Inc.
(“Comverge” or the “Company”) through the sale of its parent company,
Peak Holding Corp., to Itron, Inc. (“Itron”) in a cash transaction
valued at approximately $100 million.
Comverge is a leading provider of demand response, energy efficiency, customer engagement and distributed generation solutions to utility customers. Leveraging a broad suite of demand management products, Comverge provides all of the products and services needed to operate a demand response program, allowing utilities to better manage energy load and helping customers consume energy more efficiently.
Through the acquisition of Comverge in May 2012, H.I.G. partnered with the Company to enhance its industry-leading cloud-based platform and refocus Comverge on its core residential and small-to-medium sized business demand response offering. In October 2014, Comverge spun off its commercial and industrial (C&I) demand response division to form CPower, a standalone independent company that will continue to be owned by an affiliate of H.I.G. and is not involved in the transaction with Itron.
Fraser Preston, Managing Director at H.I.G. Capital, commented, “We have had an excellent partnership with the Comverge management team over the past several years, and we are confident that Itron is buying a strong, complementary platform. We wish both Comverge and Itron continued success.”
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over $21 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.
ContactsH.I.G. Capital
Brian Schwartz
Executive Managing Director
[email protected]
or
Fraser Preston
Managing Director
[email protected]
or
Joe Zulli
Principal
[email protected]
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MIAMI–(BUSINESS WIRE)–#CustomerEngagement–H.I.G. Capital (“H.I.G.”), a leading global private equity investment
firm with over $21 billion of equity capital under management, is
pleased to announce the sale of its portfolio company Comverge, Inc.
(“Comverge” or the “Company”) through the sale of its parent company,
Peak Holding Corp., to Itron, Inc. (“Itron”) in a cash transaction
valued at approximately $100 million.
Comverge is a leading provider of demand response, energy efficiency,
customer engagement and distributed generation solutions to utility
customers. Leveraging a broad suite of demand management products,
Comverge provides all of the products and services needed to operate a
demand response program, allowing utilities to better manage energy load
and helping customers consume energy more efficiently.
Through the acquisition of Comverge in May 2012, H.I.G. partnered with
the Company to enhance its industry-leading cloud-based platform and
refocus Comverge on its core residential and small-to-medium sized
business demand response offering. In October 2014, Comverge spun off
its commercial and industrial (C&I) demand response division to form
CPower, a standalone independent company that will continue to be owned
by an affiliate of H.I.G. and is not involved in the transaction with
Itron.
Fraser Preston, Managing Director at H.I.G. Capital, commented, “We have
had an excellent partnership with the Comverge management team over the
past several years, and we are confident that Itron is buying a strong,
complementary platform. We wish both Comverge and Itron continued
success.”
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets
investment firm with over $21 billion of equity capital under
management.* Based in Miami, and with offices in New York, Boston,
Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as
well as international affiliate offices in London, Hamburg, Madrid,
Milan, Paris, Bogotá, Mexico City and Rio de Janeiro, H.I.G. specializes
in providing both debt and equity capital to small and mid-sized
companies, utilizing a flexible and operationally focused/ value-added
approach:
1. H.I.G.’s equity funds invest in management buyouts, recapitalizations
and corporate carve-outs of both profitable as well as underperforming
manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt
financing to companies across the size spectrum, both on a primary
(direct origination) basis, as well as in the secondary markets. H.I.G.
is also a leading CLO manager, through its WhiteHorse family of
vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s real estate funds invest in value-added properties, which
can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than
200 companies worldwide. The firm’s current portfolio includes more than
100 companies with combined sales in excess of $30 billion. For more
information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and
affiliates.
Contacts
H.I.G. Capital
Brian Schwartz
Executive Managing Director
[email protected]
or
Fraser
Preston
Managing Director
[email protected]
or
Joe
Zulli
Principal
[email protected]
